Has an owner ended there management agreement and now you need to remove them from Rentvine? This article will walk you through an option you have to offload them. This includes moving their security deposits and deactivating their properties.
- To start you will work your way backward from the lease to the portfolio. You will need to click on an active lease attached to any of the properties under this portfolio. If there are no active leases or security deposits held then you can skip to the next step by clicking here.
Step 1
- You have two options for the security deposit. These options will be to send the funds directly to the new property management company through the move-out flow (option one) or first release the funds to the owner and then send the funds out to the new property management company (option 2). The first option is quicker but will not show the flow of funds to the owner. The second option takes longer but will show this flow.
If you are using option one you can click this knowledge base article.
If you are using option two you can click this knowledge base article.
- You will repeat whichever option you pick for all of the leases that you need to send the security deposit out of for this portfolio.
Step 2
This step will be posting all remaining management fees and paying out all bills associated with this portfolio.
- First we will go to the accounting tab and click on "Manager". You can then click post management fees.
- From here you can filter by the specific portfolio you are offboarding. You can then click search to view any management fees for all of the properties under this portfolio. Please note that it is important to check the current period and the previous period in case any management fees were missed.
- If there are any management fees to post then you can select them all and you can click the "Post Management Fees" button in the bottom right. This will create the bills to be paid out to the your company. If there are no bills to post then you can ignore this action.
- The next step will be to pay any bills for this portfolio. To do this you can click the quick actions which will be the rocket ship icon in the top left and then clicking pay bills. You will be able to filter this page by the portfolio and you can select the portfolio that you are offboarding. Click search to pull up all bills.
- Click search to view all of the bills for this portfolio. You can then select all of the bills by clicking the check box next to the bills. When all of these are selected you can click the green "Post" button. This will take you to the payment details page where you can make any changes and then finalize and post the payments.
- To confirm everything is paid up to this point you can go to the portfolio. Here you can click on the ledger tab and you should see a $0 amount in the all categories except for the operating balance, cash balance, and a reserve amount/additional reserve if that is set.
Step 3
This step will deal with removing any reserve on the portfolio and disbursing the remaining funds to the owner, and sending a final statement.
- If there is any reserve or an additional reserve set then you can follow these knowledge base articles to remove this amount. This will make it so you can distribute the full amount of funds back to the owner.
Editing the Additional Reserve Amount
- With the reserves removed you can now click the green actions button from the portfolio and click "Pay Owner".
- You can now select the owner by clicking the check box next to the amount to pay. You can then click the submit payments at the bottom of the page. This will take you to the approval page where you can submit the payment and disburse the funds to the owner.
- You should now see a $0 balance on all of the ledger balances as all bills have been posted, paid, and the final disbursements have gone out.
To send out a final statement to the owner you can click the "Portfolios" tab. From here you can click the green actions button and click "Create Owner Statements".
- You can then set the parameters for this statement like the date range, name, statement message, and notification settings. When you are ready you can click next to go to the next page.
- Since this is just for one owner you can search for them. Make sure to click the check box next to their name and then click create. If you did not select the auto publish toggle then you can click the green actions button and click "Publish" to send this out.
Step 4
This step will deal with deactivating the portfolio, properties, and owner contact.
- Now that the owners ledger is zeroed out you can now start deactivating items. You can start at the portfolio level. You can go to the portfolio and click the green actions button. From the options you can select "Deactivate Portfolio". You will also be able to select the date that this is closed.
- By deactivating the portfolio all of the properties under this portfolio will automatically be deactivated as well.
- The last step is if you would like to deactivate the owner contact. To do this, click on the "Contacts" tab and click "Owners". You can then search for the owner contact and click on it.
- You can then click the green actions button and click "Deactivate".
Please note that this is just an overview of steps that need to be taken to close out a portfolio. There may be more specific steps that you need to take during this process. If you have any questions while completing this process please reach out to support@rentvine.com